The U.S. Securities and Exchange Commission (SEC) has extended its delay in approving or rejecting applications for the first itcoin">Bitcoin exchange-traded fund (ETF) in the country.
The regulator postponed decisions on itcoin">Bitcoin ETF filings from financial giants BlackRock and Invesco, as well as from crypto-focused firms Bitwise and Valkyrie, according to recent SEC documents.
This continues months of delays despite an October deadline for the SEC to rule on the applications. The agency has rejected many similar ETF applications in the past, citing concerns like fraud and manipulation.
But a recent court victory by Grayscale, which sued the SEC for denying its itcoin">Bitcoin ETF, has strengthened hopes of approval. At least 10 companies currently have spot itcoin">Bitcoin ETF applications pending with the regulator.
As the first approved itcoin">Bitcoin ETF would gain a major first-mover advantage, firms like BlackRock and Invesco are eager to be the winners. However, the SEC’s ongoing delays reflect lingering doubts about the itcoin">Bitcoin market’s maturity.
Industry experts are monitoring the situation closely. With itcoin">Bitcoin stabilizing around $27,000 after surpassing $69,000 last year, approval could draw billions in investments from mainstream consumers and institutions.
For now, the SEC is still evaluating whether itcoin">Bitcoin and its market infrastructure meet the high standards required for exchange-traded products. However, the growing number and prominence of ETF applicants suggests momentum is building for a regulated itcoin">Bitcoin fund product.
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